Program Information

Program Protection

EFTGuard will cover losses up to $100,000 per business, as a result of unauthorized access of the online accounts via ACH or wire transfer (commonly referred to as Business Account Takeover).

  • Up to $100,000 annual aggregate limit of fraud loss protection per business.

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Program Terms & Conditions

Case Study

IT Firm Loses $100,000 to Online Bank Fraud:

"A New Hampshire-based IT consultancy lost nearly $100,000 after thieves broke into the company's bank accounts with the help of 10 co-conspirators across the U.S.

Hudson, N.H. based Cynxsure LLC received a voicemail message from its bank, Swift Financial, a Wilmington, Delaware institution that focuses on offering financial services to small businesses. The message said to contact the bank to discuss an automated clearing house (ACH) payment batch that had been posted to Cynxsure's account. The next day, Cynxsure's owner Keith Wolters returned the call and learned from Swift that someone had put through an unauthorized batch of ACH transfers totaling $96,419.30.

The batch payment effectively added 10 new individuals to the company's payroll, sending each slightly less than $10,000. None of the individuals had any prior business or association with Cynxsure."